Business description: Icade

Icade is both a commercial real estate company (assets at 12/31/2025: EUR 6.1 billion, including 100% ownership and joint-venture interests) and a property developer (net sales in 2025: EUR 1.1 billion), operating throughout France. As a long-term partner, Icade responds to changing needs and puts climate issues and the preservation of biodiversity at the heart of its business model, reinventing real estate and contributing to a more sustainable city.

Listed (SIIC) on Euronext Paris, Icade's main shareholder is the Caisse des Dépôts group.

Number of employees: 981

Sales by Activity: Icade

Fiscal Period: December 2021 (EUR) 2022 (EUR) 2023 (EUR) 2024 (EUR) 2025 (EUR)

Property Development

94Cr 107.71Cr 113.92Cr 121.41Cr 112.79Cr

Property Investment

41Cr 40Cr 52Cr 38Cr 35Cr

Intersegment Transactions and Other Items

-1.55Cr -1.76Cr 13L -10L -21L

Unallocated Adjustment for Property Development Joint Ventures

- - - -18Cr -14Cr

Healthcare Property Investment Business

32Cr 36Cr - - -

Geographical breakdown of sales: Icade

Fiscal Period: December 2021 (EUR) 2022 (EUR) 2023 (EUR) 2024 (EUR) 2025 (EUR)

France

164.8Cr 182.96Cr 152.47Cr 141.23Cr 133.69Cr

Executive Committee: Icade

Manager TitleAgeSince
Chief Executive Officer 44 21/04/2023
Director of Finance/CFO 60 07/04/2025
Chief Tech/Sci/R&D Officer - 01/07/2024
Compliance Officer 56 01/01/2018
Director of Finance/CFO - 01/03/2021

Composition of the Board of Directors: Icade

Director TitleAgeSince
Director/Board Member 62 31/05/2011
Director/Board Member 69 23/05/2016
Director/Board Member 52 24/04/2019
Director/Board Member 50 15/03/2018
Director/Board Member 49 24/04/2019
Director/Board Member 48 06/10/2020
Director/Board Member 68 06/10/2020
Director/Board Member 57 14/02/2020
Director/Board Member 61 17/10/2019
Director/Board Member 38 30/11/2007

Shareholders: Icade

NameStocks%Valuation
Government of France
39.2 %
2,98,85,070 39.2 % 734 M €
Predica Prévoyance Dialogue du Crédit Agricole SA (Invt Port)
18.85 %
1,43,73,960 18.85 % 353 M €
Goldman Sachs International (Invt Mgmt)
3.37 %
25,69,266 3.37 % 63 M €
0.5981 %
4,55,966 0.5981 % 11 M €
Icade Employee Stock Ownership Plan
0.4752 %
3,62,230 0.4752 % 9 M €

Holdings: Icade

NameStocks%Valuation
4,55,9660.6% 11 M $

Company details: Icade

Icade SA

27, rue Camille Desmoulins

92130, Paris

+33 1 41 57 70 00

http://www.icade.fr
address Icade(ICAD)

Group companies: Icade

NameCategory and Sector
Quinconces Activites SCI
Real Estate Development
Real Estate Development
Silky Way SCI
Stratège SCI

Diversified REITs

Change 5-day change 1-year change 3-year change Capi.($)
+1.91%-3.07%-9.78%-47.31% 158.53Cr
+0.99%+0.48%+14.69%+5.85% 1.58TCr
-0.06%0.00%+0.10%+34.22% 674.69Cr
+1.03%+1.66%-3.74%+20.15% 643.67Cr
+1.37%+2.14%+14.90%+17.72% 652.97Cr
-1.48%-1.44% - - 618.21Cr
+3.44%-0.89%-18.84%-23.81% 590.97Cr
+0.53%-0.16%-2.28%+14.35% 587.45Cr
+1.10%+1.58%+20.40%+39.78% 575.62Cr
+0.59%-0.29%-22.50%-23.20% 464.33Cr
Average +0.94%-0.08%-0.78%+4.19% 654.7Cr
Weighted average by Cap. +0.87%+0.23%+3.02%+9.42%
Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
12
Last Close Price
18.64EUR
Average target price
21.67EUR
Spread / Average Target
+16.24%

Quarterly revenue - Rate of surprise